Investing in the future of our climate
HOUSTON, Nov. 2, 2022 /PRNewswire/ -- Chemicals are the building blocks of American industry. They are used to make some of the most important components of everyday life, yet there's a big problem with how they're made today. The status quo uses oil, pollutes communities, and what can't be made here gets imported from countries that don't always share our values.
Solugen is reimagining the chemistry of everyday life with enzymes found in nature. We make chemicals better, faster, cheaper, and without fossil fuels from right here in Houston, Texas. Whether you care about the climate, local competitiveness, or just plain old profits, we have good news: it's working!
Our first Bioforge has been operating for a year and Solugen is running a nearly nine figure business with high margins selling commodity and specialty chemicals. We have established ourselves with top tier customers for our existing solutions and fortune 100 technology partners to build a robust pipeline of future molecules that will help us achieve our goal of 10 mil tons of CO2 removed from the atmosphere.
Last year we raised over $300m to fund our first Bioforge. Now, we've raised over $200m, which increases our valuation above $2b. This capital allows us to break ground on our next Bioforge and start working on 3, 4 and 5, both in the US and abroad. We will significantly grow and advance our new molecule pipeline to enable an even wider range of carbon negative and low carbon solutions for our customers and for end consumers.
We're proud that leading climate tech investors Kennivik, Lowercarbon Capital, and Refactor Capital led our round, and to count Temasek, Baillie Gifford, and prior round's lead investors that have been with us from the start like Fifty Years as our backers once again. The world can't wait, and it's good to be in business with folks who feel the same urgency to de-fossilize the chemicals industry that we do.
If you've been following the news, you know big parts of the economy are headed into a downturn right now. But, even as the rest of the world slows down, we're feeling unprecedented demand for our growing list of products and our technology is evolving faster than ever as we reinvent the way chemicals are produced. Greener, more flexible processes, capital light, and decentralized manufacturing footprints are the future of chemistry that works for the people. We're cooking up everything from carbon-negative products to value add materials from recycled cardboard boxes.
If this sounds exciting to you, let's get in touch! We're actively looking for even more team members and customers who value greener materials and technology partners who want to change the world.
SOURCE Solugen Inc.